Audley Travel staff are set to receive a 5% pay rise from next week after the tailormade specialist announced it was bringing forward its annual salary review.
The company traditionally carries out its annual pay review in January but, due to the cost-of-living crisis and forecast inflation, a decision was taken to give all staff a raise from October 1, 2022.
Chief executive Nick Longman said: “We understand from our regular staff survey that due to the rising cost of living and longer-term impact of inflation, salaries are one of the main things concerning our staff at the moment.
“We want to help them manage this increased pressure on their day-to-day living expenditure, which is why we’ve taken the decision to act now rather than wait until the annual January pay review.”
He confirmed that new staff joining the business would also receive higher salaries. Currently, the company has 26 vacancies to fill, according to its website.
On Thursday, the Bank of England raised interest rates from 1.75% to 2.25% – the highest level for 14 years – and warned the country may already be in recession.
Audley is one of a number of travel companies to increase salaries to ease financial pressure staff face in the coming months.
Staff at 31-branch agency Althams Travel were also given a 5% pay rise in April, while Jet2.com and Jet2holidays employees have received a pay hike of 8% plus a further £1,000 bonus this year.
Thousands of British Airways staff were given a staged pay rise in August, averaging 13% by the end of the year.